MCOB - Equity Release Course

The Mortgage Conduct of Business (MCOB) for Equity Release applies to businesses that make recommendations or provide personalised information to customers on equity release products.

Equity release products refer to lifetime mortgages and home reversion plans. The main purpose of these rules is to ensure customers get suitable advice and are well informed about the nature of the service they receive.

Our MCOB for Equity Release Course explains the FCA's conduct of business rules for equity release contracts in the home finance business.

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MCOB - Equity Release

About this Course

Available as part of our FCA Compliance Library.

Learning Objectives

This course will prepare your employees to:

  • Distinguish between different types of equity release products
  • Assess the suitability of equity release products for different customers
  • Provide appropriate disclosures and illustrations to customers
  • State the record-keeping requirements in respect of equity release products

Course outline

Welcome

What is MCOB - Equity Release?

- Purpose of the MCOB rules

Types of equity release transactions

- Exercise: Types of equity release

Advising & selling rules

- Suitability
- Assessing needs & circumstances
- Key factors in assessing needs & circumstances
- Eligibility criteria
- Exercise: Assessing suitability
- Debt consolidation & equity release transactions
- Other considerations
- Record keeping

Execution-only (non-advised) sales

- Exercise: Rate switches & variations
- Additional required information

Pre-application disclosure

- Content of illustrations: Lifetime mortgages
- Exercise: Noting Joyce's preferences
- Exercise: Estimating the term for lifetime mortgages
- Content of illustrations: Home reversion plans
- Exercise: Noting Cyril's preferences

Disclosure at the offer stage

- Exercise: Disclosure information at the offer stage
- Exercise: Emily gets some advice

Disclosure at the start of lifetime mortgages

- Exercise: Record keeping & contract documents

Disclosure after-sale: Lifetime mortgages

- Changes to payments & amounts drawn down
- Exercise: Joyce wants more!

Disclosure after-sale: Home reversion plans

- Exercise: Cyril's statement

Summary

Affirmation

Assessment

FCA Courses Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

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Course Specifications

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Structure

Approximately 40-minute long e-learning course followed by a 10-question assessment.

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Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

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Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.

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Test-Out

Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment simply bypassing the assessment.

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Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.

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Tailoring

Fully customisable on Skillcast Portal CMS.

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Translation

Pre-translated versions not available, but all text content can be exported for translation into all languages.

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Localisation

Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.